New Delhi, April 14
India’s crude oil imports from Russia more than tripled to 5.3 billion dollar in March as volumes surged and higher global prices pushed up the import bill, according to a report by the Center for Research on Energy and Clean Air.
The report said India emerged as the second-largest buyer of Russian fossil fuels in March 2026, importing hydrocarbons worth €5.8 billion. Crude oil accounted for 91 percent of the total, while coal and oil products formed the remaining share. “India was the second highest buyer of Russian fossil fuels in March 2026, importing a total of €5.8 billion of Russian hydrocarbons,” the report said.
After a decline in February, purchases rebounded sharply in March, with Russian crude imports doubling even as India’s overall crude imports recorded a slight decline. The increase followed a temporary sanctions waiver by the United States, allowing shipments already in transit and from previously restricted vessels. The waiver enabled state-run refiners to resume imports from Russia, leading to a sharp rise in their purchases during the month. Private refiners also increased imports, though at a slower pace.
China remained the largest buyer of Russian crude exports, followed by India.
The report noted that Russia continues to rely heavily on Asian markets, with China and India accounting for a major share of its oil exports. The surge in imports highlights India’s continued dependence on discounted Russian crude and reflects shifting global energy trade patterns amid geopolitical developments and evolving sanctions.
